# Leidos Holdings, Inc. (LDOS)

> Source: Nexqual · https://nexqual.com/LDOS · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Leidos Holdings, Inc. (LDOS), nexqual.com/LDOS" · informational, not investment advice.

**Price:** USD 134.73 (+4.26% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 129.23 · day 130.44–134.92 · 52w 98.86–205.77 · market cap $16.9B · NYQ

## Key facts
- Last four reported quarters (through Jul 3, 2026): revenue $17.6B, net income $1.38B (7.8% margin), free cash flow $2.16B (SEC filings).
- Valuation: P/E 12.3x (avg 35.8x at the last 3 fiscal year-ends), EV/EBITDA 9.5x, net debt $5.28B.
- 1 of 80 tracked superinvestors hold LDOS (13F, Q2 2026): 0 new, 0 added, 1 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 4 Form 4 filings, $2.1M; 3 not under a Rule 10b5-1 plan ($1.7M); 2 by opportunistic insiders (2 outside 10b5-1 plans), 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Hold (mean 2.53 on a 1–5 scale) (17 analysts), mean target USD 151.73 (range 127–225).
- Total return with dividends: 1Y -28.8% vs S&P 500 +14.9%; 5Y +40.8% vs S&P 500 +80.3%.
- Next earnings: 2026-11-03, EPS estimate USD 3.04, revenue estimate $4.71B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $13.7B | $14.4B | $15.4B | $16.7B | $17.2B | $17.6B |
| Gross profit | $2.01B | $2.08B | $2.24B | $2.80B | $3.10B | — |
| Operating income | $1.15B | $1.09B | $621M | $1.83B | $2.11B | $2.03B |
| Net income | $753M | $685M | $199M | $1.25B | $1.45B | $1.38B |
| EPS (diluted) | $5.27 | $4.96 | $1.44 | $9.22 | $11.14 | — |
| Free cash flow | $929M | $863M | $980M | $1.29B | $1.63B | $2.16B |
| Gross margin | 14.7% | 14.5% | 14.5% | 16.8% | 18.0% | — |
| Operating margin | 8.4% | 7.6% | 4.0% | 11.0% | 12.3% | 11.5% |
| Net margin | 5.5% | 4.8% | 1.3% | 7.5% | 8.4% | 7.8% |
| Revenue growth | +11.7% | +4.8% | +7.2% | +7.9% | +3.1% | — |
| Cash + short-term investments | $727M | $516M | $641M | $849M | $1.11B | — |
| Total debt | $5.08B | $4.92B | $4.68B | $4.67B | $4.65B | — |
Fiscal years end Jan. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jul 3, 2026)
P/E 12.3x · P/S 1.0x · EV/EBITDA 9.5x · EV/Sales 1.3x · P/FCF 7.8x · P/B 3.2x · FCF yield 12.79% · Earnings yield 8.14% · Buyback yield (TTM) 3.94% · Net debt $5.28B · EV $22.2B
P/E at fiscal year-ends: Jan 2026 16.9x, Jan 2025 15.4x, Dec 2023 75.1x.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold LDOS. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Richard Pzena | Pzena Investment Management | 0.07% | $25.5M | Reduced -0.0% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
1 of 4 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-09-01 | May Gary Stephen | Director | 1,000 | $141K | 8.9% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-08-11 | Geer Noel B | Director | 10,000 | $1.4M | 12.8% | No | Too little history (no open-market trades in 2025) |
| 2026-05-07 | May Gary Stephen | Director | 1,484 | $197K | 12.8% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-04-07 | Porter Elizabeth A | Sector President | 2,000 | $318K | 3.9% | Yes | Too little history (no open-market trades in 2023 or 2024) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Hold (mean 2.53 on a 1–5 scale), 17 analysts; mean target USD 151.73 (low 127, high 225).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-08 | JP Morgan | Downgrade | Overweight → Neutral | $160 → $142 |
| 2026-10-07 | Citigroup | Target lowered | Buy | $161 → $141 |
| 2026-10-06 | Jefferies | Target lowered | Hold | $145 → $130 |
| 2026-10-06 | TD Cowen | Target lowered | Hold | $135 → $130 |
| 2026-09-18 | B of A Securities | Target raised | Neutral | $125 → $135 |
| 2026-08-12 | Goldman Sachs | Target lowered | Neutral | $152 → $132 |
| 2026-08-11 | Citigroup | Target raised | Buy | $138 → $161 |
| 2026-08-07 | TD Cowen | Target raised | Hold | $115 → $135 |
| 2026-08-05 | UBS | Target raised | Neutral | $124 → $138 |
| 2026-08-05 | BNP Paribas | Target raised | Outperform | $165 → $175 |
| 2026-08-05 | RBC Capital | Target lowered | Outperform | $180 → $170 |
| 2026-07-14 | Goldman Sachs | Target lowered | Neutral | $171 → $152 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -28.8% | +40.8% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -28.9% | +7.1% |
| Volatility (annualized) | 35.4% | 29.4% |
| Max drawdown | -49.5% (Nov 2025→Jun 2026) | -48.4% (Jan 2026→Jun 2026) |

## Peers (Information Technology Services)
GIB (CGI Inc.) USD 82.15 +3.24% · FIS (Fidelity National Information S) USD 38.29 +5.13% · IT (Gartner, Inc.) USD 234.44 +6.77% · CACI (CACI International, Inc.) USD 619.22 -0.67% · CDW (CDW Corporation) USD 164.62 +4.01% · BR (Broadridge Financial Solutions,) USD 186.12 +4.39%

## More
Full page: https://nexqual.com/LDOS · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)


Other companies that name LDOS in their own reports (relationship from LDOS's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| supplier | MOBIX LABS, INC (MOBX) | 10-K 2026-01-13 | "the year ended September 30, 2025, sales to Leidos Holdings, Inc. accounted for approximately 50% of our net revenues." |

## Revenue by business segment (quarter ended 2026-07-03)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Intelligence & Digital | $1.49B | 32.7% | +6.9% |
| Health | $1.09B | 23.9% | -7.2% |
| Homeland | $1.02B | 22.4% | +32.0% |
| Defense | $955.0M | 21.0% | +6.2% |
| Total revenue | $4.55B | 100% | — |

## Revenue by region (quarter ended 2026-07-03)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $4.14B | 91.1% | +6.4% |
| International | $404.0M | 8.9% | +18.8% |
| Total revenue | $4.55B | 100% | — |

## Company outlook (8-K filed 2026-08-04)

- "Full-Year Guidance u Revenues of $4.6 billion, up 7% year-over-year u Net income of $356 million or $2.81 per diluted share u Adjusted EBITDA (non-GAAP) of $631 million and Adjusted EBITDA margin (non-GAAP) of 13.8% u Non-GAAP Diluted Earnings per Share of $3.26, up 2% year-over-year u Cash Flows from Operations of $793 million;"

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $3.04 | $3.17 | -4.2% | $4.71B | 14 |
| Next quarter (ends 2026-12-31) | $2.96 | $3.16 | -6.2% | $4.64B | 13 |
| Current fiscal year (ends 2026-12-31) | $12.41 | $12.35 | +0.5% | $18.31B | 16 |
| Next fiscal year (ends 2027-12-31) | $12.55 | $13.11 | -4.3% | $19.05B | 17 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-03): ±9.1%; last 8 reports averaged ±5.8%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 40.4% | ±9.1% |
| 2026-12-18 | 56 | 36.1% | ±11.4% |
| 2027-01-15 | 84 | 34.3% | ±13.1% |
| 2027-02-19 | 119 | 36.3% | ±16.5% |
| 2027-05-21 | 210 | 36.7% | ±22.0% |